Form 15G - What Is Form 15G and Its Significance | HRMantra HR Software

Form 15G - What Is Form 15G and Its Significance | HRMantra HR Software

 5-6 mins

Form 15G is a self-declaration that you fill when you are a fixed deposit holder and don''t wish for TDS to be deducted from your income for one fiscal year.

It''s for employees whose age is below 60 years so that they can prevent the TDS deduction.

Form 15G can be found at section 197A in the Income Tax Act of 1961. Although, the form is only valid for people whose income is below the tax limit.

Here we go on discussing:

• What is Form 15G
• Downloading Form 15G
• Connecting the Dots: What is Form 26as and Form 15G
• Form 15G for PF (Provident Funds)
• How to Fill Form 15G
• When to File Form 15G
• How to File Form 15G Online

What is Form 15G

Downloading Form 15G is now a cakewalk.

You can download the form 15G from the websites of any of the major banks like SBI, Canara Bank, Punjab National Bank, etc.

Another way to download this form is from the official EPFO portal and the website of the Income Tax Department.

Connecting the Dots: What is Form 26AS and Form 15G

Introduction of Form 15G, who all needs the Form 15G, where to download the Form 15G from, how the form 26AS relates to form 15G.

Form 26AS will be like a summary sheet of the taxes. Here you fill all of the things regarding tax. Even the details here are associated with the PAN of the person.

It shows details such as how much your tax has been deducted, what the source of the collected tax was, how much advance tax you have paid, and the details of your refund: whether that has been issued or not.

Being an HR, it''s your job to make a complete check on the employee''s Form 26AS once they have handled their Form 15G. This is done to ensure whether they have given the right information or not.

Form 15G for PF (Provident Funds)

PF is an important part of any employee''s financial portfolio. Hence, for them as well, understanding the 15G form comes in handy. As it will help them make more profit out of the amount they finally withdraw from their PF account in the end.

So, the employees have to declare that their income is below that tax limit so that their TDS is not deducted—filling and submitting Form 15G can help them for it. Also, to prove that the information they have given is correct they will also have to fill out Form 26AS.

It is your duty as HR to explain to your employees why it is important for them to fill out these forms in order to get the maximum amount of their PF and make more profit out of it.

How to Fill Form 15G

What remains is not such a tough process of filling up Form 15G if you systematically take an approach as to how to fill it. Now, let''s look at the way to fill this form out one by one, which in turn can help your employees do so in a proper manner.

1. In the next step, fill in such details as your name, PAN (Permanent Account Number), and address.
2. Now, the second step would be information about your income. On which type of income are you making a declaration? For example, details such as interest income, which by the way are also the interest you get on your provident funds.
3. Then you declare that your income is below the level at which the tax is deducted and that you are eligible to submit the Form 15G.
4. After you have made the declaration only then the verification part will come up. In this, you ""verify"" your declaration. You can ""verify"" it by signing the form using your signature by which you print your name and the date that the document is being signed.

When to Submit Form 15G

The time of form 15G submission is also very important. The said form should be submitted at the beginning of their fiscal year when interest-bearing deposits like fixed deposits have initiated.

This is done to ensure that your TDS doesn''t deduct at that source in the whole year.

In their better interest, it should be made sure that the same should be communicated well to all the employees, so that they can submit their Form 15G at the right time. This can be easily done with an HR software system.

How to Submit Form 15G Online

You don''t have to be a rocket scientist to know how to submit your Form 15G. Everything has been made easy, so even you can submit it. You can guide your employees following the said steps.

1. Go to the site dedicated to e-filing with the Income Tax Department.
2. Register.
3. Fill out the form and e-verify it, e.g., by way of Aadhar-based OTP.

Advise workers on the necessity of utilizing online submissions, which are very convenient, limit paperwork, and have a fast turnabout.

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